Philosophical theories on the nature and origins of morality (that is, theories of meta-ethics) are broadly divided into two classes: Moral realism is the class of theories which hold that there are true moral statements that report objective moral facts.
As an S corporation, no corporate income tax would be levied. And when the income gets allocated to individual shareholders, they will probably pay a maximum rate of 40% to 44%. So that would mean around $400,000 to $440,000 in income taxes and then about $600,000 in leftover after tax profit.
Differences between a C and S corporate structure: A C Corporation files a standalone tax return and pays taxes at the corporate level. Losses may be carried forward or backward. The maximum tax rate for a corporation is currently 35%. An S Corporation files a tax return but the profit or loss passes through via Form 1120S K-1 to the individual income tax return. The tax liability and the taxes are assessed and paid at the individual level. The maximum tax rate is 39.6%. Losses sustained in an S Corporation are applied to other income to reduce the tax liability of the shareholder. Owners in a C Corporation cannot arbitrarily draw funds the way a sole proprietor or partner in a partnership is able to do.